South of England-based housing association, Abri, has completed its planned merger with troubled landlord, Octavia.
The merger, which received board approval back in October, will see Octavia operate as a separate legal entity under the Abri Group umbrella, before fully transferring in 2025.
Octavia currently owns and manages 5,000 homes in West London, with the merger growing Abri Group’s portfolio to 55,000 homes and community assets which serve 114,000 customers.
The completion marks a key milestone in Abri’s rollout of its regional model, with the introduction of a fourth region in London.
Gary Orr, Abri Group chief executive, said: “We are pleased to announce the successful completion of our partnership with Octavia, marking a significant milestone. However, there is still much work to be done to stabilise Octavia’s financial position and improve the homes and services it provides to its residents.”
“Mary Gibbons has been appointed as Abri’s regional managing director (London) and brings extensive experience of dealing with the unique challenges of housing in London – from the acute need for more affordable homes to the complexities of supporting diverse communities. Mary has been working closely with Octavia as they prepare to join the group.”
“We are committed to protecting and enhancing the legacy of Octavia Hill, a founder of the social housing movement. We will continue to honour and build upon this distinguished heritage as we move forward.”
Back in July, the Regulator of Social Housing awarded Octavia a non-compliant C3 rating in its consumer standards measure, reporting that the landlord had 1,200 overdue fire safety remedial actions across its housing stock.
Octavia was also unable to produce complete and accurate records for safety inspections and could not provide evidence that it was meeting other health and safety requirements.
In 2023, Abri completed another merger with 10,000-home Silva Homes, which grew the Group’s portfolio to 50,000.
